There are several rites of passage as you go through your twenties - finding a full-time job, perhaps starting a family, enduring the horrible day when you realize you’re closer to turning 30 than you are from graduating high school.
One such rite of passage is the decision whether or not to go to graduate school. What was once seen as an option for a select few fields (i.e. the law, medicine) has become almost a requirement in virtually any career path. If you are currently against the prospect of heading back to school, here are a few things that may change your mind.
Make yourself more marketable to employers: Think about how many fields these days require a four-year undergraduate degree. Going to graduate school sets yourself apart from the pack, and also provide you a more advanced skill set that tends to stick out in a pile of resumes.
Raise your salary: Not only does graduate school give you a more marketable skill set, but it can fatten your paycheck as well. The average employee with a Master’s or other upper-level degree earns $10-$15,000 per year more than someone in their field with a Bachelor’s, according to Salary.com.
Many ways to pay: A graduate degree does not come cheap, and if you are already paying undergrad loans back, not to mention other such life expenses, adding another can seem like an unnecessary burden.
But there are several options to facilitate paying for grad school. First, if you have undergraduate loans, you can file for an in-school deferment which will postpone all of your loans until after you graduate.
You may also be eligible for tuition breaks. Many companies, for example, offer tuition reimbursement programs to employees looking to advance their degree. Be sure to also check in with your undergraduate school to see if they offer discounts for former students. My alma mater, Northeastern University, for example, offers a 25% tuition reduction for former graduates.
Securing financial aid for graduate school is not terribly dissimilar from undergrad. You still fill out your FAFSA for subsidized and unsubsidized Stafford loans. You can also take out Grad PLUS loans which are based on credit, not need. Another popular credit-based option is a graduate private loan. One perk of borrowing a private loan for graduate school is that you may have built up a strong enough credit history not to require a cosigner.
Compare lenders and apply for a graduate private loan today.